The Income Tax Act 2025 introduces significant changes aimed at simplifying the tax code and encouraging compliance. Key highlights include widened tax slabs for individual taxpayers opting for the new tax regime, and a simplified capital gains structure.
Corporate taxpayers will see a streamlined assessment process and faster refunds. The new act also introduces stringent penalties for willful evasion and improved data analytics to track high-value transactions. Understanding these changes is crucial for proactive tax planning.